Question
Can you help me with these 2 questions 1)Demand and supply in hand sanitizer market are described by the equations Qd = 6600- . 5P
Can you help me with these 2 questions
1)Demand and supply in hand sanitizer market are described by the equations
Qd = 6600-.5P
Qs = -400+2P
(1a)Graph the demand and supply function
(1b)Solve algebraically, find equilibrium P and Q
(1c)How would a price floor impact of the demand and supply of the product
2)The sellers of hand sanitizer would like to add $ 200 to the equilibrium price (as presented on question 2)
(2a)Calculate the price elasticity of demand and state the nature/ characteristics of its elasticity
(2b) Show the impact of the price increase on revenue.
(2c)The product is subjected to X percent of tax. Show the consumer and producer tax burden based on the price elasticity of demand.
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